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Press Release CPI February 2014 1
Press Release
February 2014 inflation
Press Release CPI February 2014 2
CPI Press Release
BY
Dr. Philomena NyarkoGovernment Statistician
• In this release, we present:
– The rate of inflation for February 2014
– The components of the rate of inflation
– Regional inflation rates
Press Release CPI February 2014 3
The Rate of Inflation • The inflation rate measures the average rise in
the prices of all consumer goods and services in the country.
• It is measured in two ways:Annual (year-on-year) inflation measures the change in the average price level over a twelve month period.
Monthly change rate measures the changein the average price level between the current month and the previous month.
Press Release CPI February 2014 4
Annual Inflation Rate (year-on-year)
• The annual (year-on-year) inflation rate for February 2014 was 14.0%.
• This means that the change in the general price level was 14.0% over the one year period, from February 2013 to February 2014.
– The year-on-year inflation rate for January 2014 was 13.8%.
Press Release CPI February 2014 5
Monthly Change (month-on-month)
• The monthly change rate for February 2014 was 1.1%.
• This means that the change in the general price level went up by 1.1% between January and February 2014.
– The monthly change rate recorded for January 2014 was 3.9%
Press Release CPI February 2014 6
CPI for December 2013 – February 2014
Press Release CPI February 2014
Month
Index level Change rate (%)
Sept 2012=100 Monthly Yearly
December, 2013 116.6 1.0 13.5
January, 2014 121.2 3.9 13.8
February, 2014 122.6 1.1 14.0
7
Food and Non-food Inflation rate
Press Release CPI February 2014 8
• The rate of inflation has two main components;– Food inflation and – Non-food inflation
– The food inflation rate for February 2014 was 7.5% (compared with 7.1% recorded in January 2014)§ The non-food inflation rate for February 2014
was 19.0% (compared with 18.9% recorded for January 2014)
The food inflation rate (7.5%) was about two and a half times lower than the non-food inflation rate (19.0%)
Press Release CPI February 2014 9
6.7 6.7 6.6 6.6 7.3 7.3 7.9 8.9 6.9 7.3 7.2 7.1 7.5
13.3 14.0 14.4 14.6 15.1 15.4 14.2 14.2
17.7 17.6 18.1 18.9 19.0
0
5
10
15
20
25
FOOD and NON-FOOD INFLATION, February 2013 to February, 2014Yearly change rate (%)
%
Ghana Statistical Service (GSS)
NON-FOOD
FOOD
Within the Food group, four sub-groups recorded inflation rates higher than the group average of 7.5%
Press Release CPI February 2014 10
4.8 5.3
5.8
7.0
7.2
7.3
7.5
10.2
11.5
12.1
17.1
Food products n.e.c.
Vegetables
Fruits
Cereals and cereal products
Oils and fats
Fish and seafood
Sugar, jam, honey, chocolate …
Meat and meat products
Coffee, tea and cocoa
Milk, cheese and eggs
Mineral waters, soft drinks
%
Year-on-year inflation rate (%)
Average food inflation =7.5%
Within the Non-food group, three sub-groups recorded inflation rates higher than the group average rate of 19.0%
Press Release CPI February 2014 11
5.0 7.5
7.7 8.5
13.1 13.1
13.5
14.3 18.6
19.1 26.8
38.9
COMMUNICATIONS
FOOD AND NON-ALCOHOLIC BEVERAGES
HOTELS, CAFES AND RESTAURANTS
EDUCATION
FURNISHINGS, HOUSEHOLD EQUIPMENT …
HEALTH
ALCOHOLIC BEVERAGES, TOBACCO AND …
RECREATION AND CULTURE
CLOTHING AND FOOTWEAR
MISCELLANEOUS GOODS AND SERVICES
TRANSPORT
HOUSING, WATER, ELECTRICITY, GAS AND …
Year-on-year inflation rate (%)
%Average non-food inflation =19.0%
Press Release CPI February 2014 12
Ashanti Region recorded the highest combined and non-food inflation rate, while Volta Region recorded the
highest food inflation rate in February 2014
Region Food and non-alcoholic Beverages Non-food Combined Food and
non-food
Western Region 8.7 17.4 13.3 Central Region 4.3 19.9 12.7 Greater Accra Region 4.5 21.1 14.4 Eastern Region 10.5 20.4 15.5 Volta Region 12.8 14.0 13.4 Ashanti Region 6.8 22.0 16.7 Brong Ahafo Region 8.3 13.8 11.5 Northern Region 8.8 14.3 11.7 Upper East Region 6.7 16.0 11.7 Upper West Region 9.0 9.9 9.5 NATIONAL 7.5 19.0 14.0
Year-on-year inflation rate (%)
Press Release CPI February 2014 13
Ashanti Region recorded the highest Combined inflation inflation rate in February 2014. Seven commodity groups recorded inflation rates above the regional average of 16.7%
Ashanti Region Weight Feb-14 (%)Housing, Water, Electricity, Gas And Other Fuels 1.6 35.9Miscellaneous Goods And Services 1.5 30.5Clothing And Footwear 2.0 25.7Transport 1.5 22.7Recreation And Culture 0.5 22.2Furnishings, Household Equipment And Routine Maintenance 0.9 20.4Alcoholic Beverages, Tobacco And Narcotics 0.2 17.8Health 0.6 14.0Education 1.1 11.2Hotels, Cafes And Restaurants 1.4 9.4Food And Non-Alcoholic Beverages 7.4 6.8Communications 0.6 3.1
Regional inflation rate 19.3 16.7
Year-on-year inflation rate (%)
Press Release CPI February 2014 14
Ashanti Region again recorded the highest non-food inflation rate in February 2014. Five commodity groups recorded inflation rates above the region’s non-food inflation rate of 22%
Ashanti Region Weight Feb-14 (%)Housing, Water, Electricity, Gas And Other Fuels 1.6 34.7Miscellaneous Goods And Services 1.5 33.9Clothing And Footwear 2.0 27.7Recreation And Culture 0.5 24.2Furnishings, Household Equipment And Routine Maintenance 0.9 22.8Alcoholic Beverages, Tobacco And Narcotics 0.2 17.1Transport 1.5 14.7Health 0.6 13.5Hotels, Cafes And Restaurants 1.4 13.2Education 1.1 13.0Communications 0.6 3.1Regional inflation rate 11.9 22.0
Year-on-year inflation rate (%)
Press Release CPI February 2014 15
Volta Region recorded the highest food inflation rate in February 2014. Six food sub-groups recorded inflation rates above the region’s food inflation rate of 12.8%
Year-on-year food and non-alcoholic beverages inflation rate (%)
Volta Region Weight Feb-14 (%)
Mineral waters, soft drinks, fruits and vegetable juices 0.4 27.6Milk, cheese and eggs 0.3 19.8Coffee, tea and cocoa 0.1 17.6Fruit 0.2 14.8Vegetables 0.8 14.6Fish and seafood 0.1 13.4Cereals and cereal products 0.0 11.2Sugar, jam, honey, chocolate and confectionery 0.5 8.8Food products n.e.c. 0.1 8.0Oils and fats 0.1 6.5Meat and meat products 0.1 6.2Regional food inflation rate 6.6 12.8
HIGHLIGHTS OF THE PRESENTATION
Press Release CPI February 2014 16
• In February 2014, the year-on year inflation rate was 14.0%, up from 13.8 % recorded in January 2014.
• The monthly change rate in February 2014 was 1.1%; the rate for January 2014 was 3.9%.
• The year-on-year non-food inflation rate for February 2014 was 19.0%; the rate recorded in January 2014 was 18.9%
Press Release CPI February 2014 17
• The year-on-year food inflation rate for February was 7.5%, a rise from 7.1% recorded for January 2014.
• The year-on-year food inflation rate (7.5%)was about two and a half times lower thanthe non-food inflation rate (19.0%).
Press Release CPI February 2014 18
• The main “price drivers”* for the non-food inflation rate were Housing, water, electricity, gas and other fuels (38.9%), Transport (26.8%) and Miscellaneous goods and services (19.1%)
• .
• The “price drivers” for the food inflation rate were Mineral water, soft drinks, fruit juices (17.1%), Milk, cheese and eggs (12.1%), Coffee,
tea and cocoa (11.5%) and Meat and meat products(10.2%).
19Press Release CPI February 2014
• The Ashanti Region recorded the highestregional year-on-year inflation rate of16.7% and Upper West Region the lowest(9.5%).
• The February inflation rate (14.0%) is thehighest since March 2010.
Press Release CPI February 2014 20
21Press Release CPI February 2014 21
E N DOF February
2014 CPIPRESS RELEASE